Breaking News

Report Examines SMB Pandemic Challenges, Tech Trends and Future Planning

Report Examines SMB Pandemic Challenges, Tech Trends and Future Planning

A new study examines the market conditions for small and midsize companies.

  • Salesforce’s annual report on business trends exposes the challenges caused by the pandemic SMBs face.
  • The business owners are prioritizing the needs of employees and paying attention to customer relations.
  • Technology investments are increasing with a particular focus on task-management and CRM as well as e-commerce and security of data.
  • This post is intended for entrepreneurs who wish to understand current technology and business trends as they consequences of an epidemic.– The COVID-19 virus imposed a variety of challenges and changes on small and medium-sized businesses (SMBs). However, there’s general optimism regarding growth in business and positive plans, as per an upcoming Salesforce report.

In September 2021, the Salesforce’s 5th Edition of the of the Small and Medium Business Trends Report conducted a survey of more than 2,500 small and medium business owners across the globe. Salesforce claims that the annual report focuses on “the challenges SMBs around the world face, how they move forward, and their visions for the future.”

We’ll discuss the findings of the report and demonstrate how SMBs are changing their thinking and strategies to thrive even in the face overwhelming obstacles.

Prioritizing employees and customers

Highly successful SMBs realize that a business can only be as effective the employees it has. Most businesses which have experienced growth in the past year have made an effort prioritizing the needs of employees in an era of great uncertainty.

The employees who took part in the survey said they would like their employers to have flexible working hours as well as enforce the wearing of masks and social distancing in the workplace, and ensure daily cleaning of workspaces. They also emphasized remote work options.

Successful companies prioritized the needs of their employees as well as preferences.

  1. Flexible: Flexibility in HTML0: Salesforce report found that 50 percent of the growing SMBs provided employees with flexible working arrangements, in contrast with 38% of stagnant or declining counterparts. Flexible working options include the possibility of employees working from home and establishing reasonable pay-for-time off (PTO) guidelines and also providing flexible work schedules.
  2. Remote assistance: Companies that are growing invest in the most efficient platform for HR Software to ensure that employees are able to get assistance via the internet.
  3. Communications: Notably, 51 percent of companies said that the most powerful measure they’ve made to build trust from employees is to communicate clearly especially during an uncertain period of time.

customer retention is also an important major concern. Companies that had a growth rate in the last year have concentrated on customer requirements during the outbreak. Nearly half (47 percent) claim to be more attentive and aware of their customer relationships and 42% have expanded the ways in which customers are able to contact their company, and 71% of their customers have expectations of to have online transaction availability.

Editor’s note: Are you looking for the perfect CRM program for your company? Complete the form below to let our vendor partners reach out to you with regards to your requirements.

Making investments in technology

The latest technologies are constantly evolving and impacting the way businesses are conducted, and that was more apparent during the outbreak.

Throughout the outbreak, it was vital for small-scale companies to increase sales from anywhere, especially when they relied heavily on the local economy. Transactions on mobile and online became essential, as were tools online and software that could be used to help customers reach out.

As per 71% the respondents the technology they used helped them beat the epidemic, and 66% of them said their businesses wouldn’t have made it through without technology of the past 10 years. In addition, 42% of respondents reported that their investment in technology rate has increased over the past 18 months.

These were among the most popular tech-related investments mentioned.

  1. CRM The growth of small (67 percent) and mid-sized (78 percent) businesses relied on top CRM (CRM) methods to facilitate online customer service as well as employee remote work during the pandemic.
  2. Tools for managing projects: Among growing SMBs 62% of them said they depended on the top online software for managing projects and tools for task management to help their teams organize their activities from a central point.
  3. Software for e-commerce: Since online transaction have become more essential 61% of the SMBs that are growing say they have invested in E-commerce software and platforms to guarantee the ability to translate online.
  4. Tools to draw potential customers Businesses also have reported that they are looking to technology to draw new customers. The most effective marketing investments were the top solutions for social media marketing as well as automated marketing tools (57 percent) as well as the most effective tools for marketing via email (63 percent).

Cybersecurity measures

In light of the trend towards digitization as well as e-commerce and remote working during pandemic 54% of the most successful and growing small-scale businesses have invested in the secure storage of information.

A majority of small and mid-sized businesses that were surveyed (90 percent) reported that at the very least a part of their operations went online during the outbreak and many believed it essential to protect their employees and customers. The majority of (95 percent) expanding businesses have made investments in security measures for data rather than their static or declining competitors. Particularly, 47% of companies that are growing invested in IT operations and cybersecurity.

Effective cybersecurity measures include the following:

  • The process of creating as well as controlling powerful passwords with an online password manager
  • Blocking malicious sites prior to when they are able to target customers
  • Storage of the minimum information about customers necessary
  • Cloud-based technology is used to store and back up information
  • Update applications frequently
  • Utilizing two-factor authentication

Future-proofing your plans

Many small and mid-sized businesses (75 percent) were surveyed and said that the actions they have taken over the past year will be beneficial to their business in the future. The majority of SMBs (79 percent) intend to offer services that are contactless for the long term, particularly companies that are in the retail, consumer goods and technology sectors.

In addition 77% of the expanding companies say they’ve made scenario plans in preparation for the possibility of events or crisis in contrast to 65percent of stagnant or declining companies.

According to the study the top traits for companies that will be successful in the future include understanding of the market, problem-solving capabilities flexible and agile.

Check Also

How to Write a Debt Collection Letter

How to Write a Debt Collection Letter

This guide includes information about how to write a debt collection letter and pursue outstanding …

Leave a Reply

Your email address will not be published.